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Standard XI

Accountancy

Errors Committed in Recording Transactions

A cheque of R...

Question

A cheque of Rs.5,000 was issued to the supplier was recorded as Rs.500 in the cash book. Due to this error, the balance as per cash book will be by .

overstated

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understated

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Rs.4,500

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Rs.5,500

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Solution

The correct options are
A overstated
C Rs.4,500
Since a cheque was issued for Rs.5,000, the bank balance should be reduced by the same amount. However, as it is recorded as Rs.500, it is reduced only to that extent. Hence the balance as per cash book will be overstated(more) by Rs.4,500(5,000-500).

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A cheque of Rs.5,000 was issued to the supplier was recorded as Rs.500 in the cash book. Due to this error, the balance as per cash book will be by .

The correct options are A overstated C Rs.4,500Since a cheque was issued for Rs.5,000, the bank balance should be reduced by the same amount. However, as it is recorded as Rs.500, it is reduced only to that extent. Hence the balance as per cash book will be overstated(more) by Rs.4,500(5,000-500).

The correct options are
A overstated
C Rs.4,500
Since a cheque was issued for Rs.5,000, the bank balance should be reduced by the same amount. However, as it is recorded as Rs.500, it is reduced only to that extent. Hence the balance as per cash book will be overstated(more) by Rs.4,500(5,000-500).